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Driving Transformation in the IT-BPM Landscape and Beyond

Mac Fojas together with the rest of the Circle of Excellence Awardees and presenters for the IT-BPM Techblazer of the Year category at the Asia CEO Awards

Mac Fojas, the IT-BPM Techblazer of the Year, honored at the Asia CEO Awards 2024, has become synonymous with innovation in the Philippine IT-BPM industry. His leadership is grounded in a solid academic and professional background, having graduated from the University of the Philippines and Fordham University. Mac refined his skills on Wall Street, developing investment banking applications that equipped him with both technical expertise and a profound understanding of business strategy. This foundation enabled him to recognize and seize opportunities that needed expertise on Java technology in the 1990s, leading to the establishment of Seven Seven, which has since evolved into the country’s leading IT-BPM provider.

While accepting the award, Mac Fojas was asked about what makes him successful. “My wife,” he quipped before expressing his gratitude towards Seven Seven and acknowledging those who came with him at the event.

For Mac, this award represents how he envisions to continuously contribute and help reshape the future of the information technology landscape globally, especially in the Philippines. His vision embodies not only the recognition of current industry trends but also the acceptance of opportunities for growth and transformation.

Seven Seven Co-Founder and President Mac Fojas won the Information Technology and Business Process Management (IT-BPM) Techblazer of the Year at the Asia CEO Awards 2024 on Oct. 8, 2024 at Manila Marriott Hotel in Pasay City.

Seven Seven, under Mac’s wings of leadership, has carved a niche in the Philippine IT-BPM sector by providing a wide array of services designed to enhance business efficiency. The company specializes in Application Development, Quality Assurance & Testing, IT Infrastructure Support, Project Management, Business Analysis, and Technical Help Desk, among others. This comprehensive suite of services positions Seven Seven as a key player in the industry, delivering customized solutions to meet diverse client needs.

Mac Fojas and Delle Sering brought their Seven Seven Executive and Management teams to witness the Asia CEO Awards 2024 and celebrate Mac’s milestone for being part of the Circle of Excellence Awardees under the IT-BPM Techblazer of the Year category.

His leadership at Seven Seven also created an avenue to showcase the skills of the Filipino workforce. With a strong customer service culture and a deep talent pool, the Philippines is well-equipped to be a leader in the information technology space. Mac believes that empowering Filipino workforce is crucial in fostering a culture of innovation and excellence within organizations.

Mila Picache, Senior Managing Director and COO of Seven Seven Global Services, Inc., alongside Vina Morales, together with the Seven Seven Executive and Management Team post-Asia CEO Awards event

As a proponent of innovation, Seven Seven recognizes that artificial intelligence (AI) stands out as a transformative force poised to elevate both society and businesses. Mac is keenly aware of the potential of AI to revolutionize business operations and strategic decision-making, particularly through intelligent automation, advanced data analytics, and AI-driven personalization. With Mac taking charge, Seven Seven will continue to leverage AI to drive efficiency and optimize resources, ensuring that the company retains its position of being on top of industry advancements. His approach not only enhances operational efficiency but also fosters a culture of collaboration and creativity. This forward-thinking mindset ensures that Seven Seven remains adaptable to changing market dynamics, paving the way for sustainable growth and thriving in success in a highly competitive landscape.

Mac Fojas, Co-Founder and President of Seven Seven Global Services, Inc.; and Delle Sering, Co-Founder and Chief Executive Officer of Seven Seven Softwares, at the Asia CEO Awards 2024

For Mac, AI is more than a tool for optimization. He believes that this is a gateway to future growth. He sees the potential for AI to be deeply integrated across all aspects of business, pushing the limits of what is possible in the tech industry. His vision is centered on several emerging trends.

Ultimately, Mac has become a pioneer in technological advancement and positioning the country as a global leader in the future of the IT-BPM industry that is soon to be more powered with AI.

 

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Asia CEO Awards Adds USANA Philippines to Their Circle of Excellence

USANA Health Sciences, Inc. and its Philippine market were recently added to the illustrious Circle of Excellence from the Asia CEO Awards. The Circle of Excellence recognizes the top companies in the Philippines that have shown success and value in the development of the country’s economy and society. The member company’s management team should also demonstrate exceptional leadership skills that result in the maximization of value for stakeholders.

To discover USANA’s line of unique nutritional and skincare products, visit USANA.com.

“To be included in the Circle of Excellence with some of the most prominent companies in the Philippines is an amazing honor,” said Vivienne Lee, Regional Vice President of Asia. “I would like to congratulate everyone in the market for this great achievement.”

The USANA Philippines corporate office opened in 2009 in the country’s business capital at the Enterprise Center in Makati.

“One of our core values at USANA is Excellence and receiving this recognition from the Asia CEO Awards proves that we are living out that value,” said Cherry Ampig, USANA General Manager–Philippines. “This is a significant award not only for us here at the USANA Philippines office, but also for all our distributors in the market. They have dedicated so much to the company and none of it would be possible without their support and hard work.”

About USANA

USANA (NYSE:USNA) prides itself on providing consumers with quality nutritional and lifestyle products. From its award-winning supplements to its innovative Celavive skincare and Active Nutrition lines, USANA has proven for over 30 years why it’s a company you can trust. How about giving us a try? Shop at USANA.com or learn more at whatsupUSANA.com.

 

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Teleperformance Philippines recognized at 2024 Asia CEO Awards

Receiving the trophies for Teleperformance in the Philippines were, from left, Director of External Relations Nash Frias; Senior Director of Digital KC Nunez, Vice President of HR and Communications and Marketing Rachel Cacabelos; and SVP and Head of Digital Transformation and Process Excellence Amit Kale.

Teleperformance (TP) in the Philippines continues to showcase excellence in business innovation and commitment to support impactful social programs garnering honorable recognitions at the recent 2024 Asia CEO Awards.

A global leader in digital business services, TP was among the 2024 Asia CEO Awards Circle of Excellence honorees as a finalist in the CSR Company of the Year, iCXeed Diversity Company of the Year, and KonsultaMD Most Innovative Company of the Year categories.

“We take pride in our holistic approach to business — where corporate success goes hand-in-hand with social responsibility and environmental stewardship. These are testaments to the dedication of our 60,000-strong workforce who embody our values every day,” said Rahul Jolly, Chief Executive Officer of Teleperformance in the Philippines.

TP Philippines was a finalist in the CSR Company of the Year category for its outstanding commitment to corporate social responsibility through its CSR arm, Citizen of the World (COTW), a charitable initiative that generates lasting impact on local communities. This program fosters meaningful partnerships with both nongovernment organizations and government agencies to improve the lives of the youth, disaster victims, and employees such as the Life Project 4 Youth Alliance (LP4Y), the Department of Education through Brigada Eskwela, Kythe Foundation, and Grant-A-Wish.

TP also reinforces its commitment to environmental sustainability through its Citizen of the Planet (COTP) initiative. This year, TP has increased its number of sites running on renewable energy, with nearly 50% of its energy requirements from renewable resources. It further aims to reduce its electricity consumption across all TP sites nationwide through monthly Earth Hour observances.

TP was also a finalist in the iCXeed Diversity Company of the Year category for its commitment to workplace diversity through its various initiatives such as the TP for All Program and Cloud Campus work-from-home program which increased opportunities for onboarding Persons with Disabilities, Indigenous workers, and women in leadership positions.

Lastly, TP’s strategic efforts to improve its talent management and business growth through Technology, Analytics, and Process Excellence (TAP™️) was also included among the finalists in the KonsultaMD Most Innovative Company of the Year category. This program provided industry-defining solutions in high-touch interaction analytics, predictive analytics, artificial intelligence (AI), automation, and process excellence achieving a cumulative client benefit of over US$7.5 million for a global brand.

Further cementing its reputation, TP was recently recognized as the first and only company in the Philippines to receive the Great Place to Work® (GPTW) certification for seven consecutive years, underscoring its unwavering commitment to creating a positive and inclusive workplace culture.

To learn more about Teleperformance Philippines, visit its website at www.teleperformance.com.

 

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Ubisoft Philippines awarded Wellness Company of the Year Grand Winner & Diversity Company of the Year Circle of Excellence Awardee at the Asia CEO Awards 2024

Founded in 2016, Ubisoft Philippines is the first AAA co-development game studio in the country, and the first of its kind to be involved in AAA game development.

From concept, creation, to game integration, their Filipino developers have creative power and firsthand decision-making over the player experience.

The studio is a proud co-developer of Ubisoft’s flagship titles and is home to over a hundred of the world’s finest talent from Art to Design, Programming, Animation, Audio, Quality Assurance and more—offering new job opportunities for aspiring game developers in the country and even attracting more foreign talent to the Philippines.

The team has co-developed some of the biggest franchises in gaming, including Assassin’s Creed (AC) Mirage, AC Valhalla, Far Cry 6, For Honor, Skull & Bones, and The Crew 2.

For Ruth Gonzalez, HR Manager, bringing meaningful player experiences through their games starts with their people. “Our commitment to wellness is not just a workplace initiative; it’s woven into the very fabric of who we are as a company.”

This 2024, they have been named the Wellness Company of the Year Grand Winner and Diversity Company of the Year Circle of Excellence Awardee at the Asia CEO Awards, the largest business awards event in the Philippines.

The Wellness Company of the Year Award is granted to the organization that designed organizational policies and achieved success in employee health and well-being.

Ubisoft also received the Circle of Excellence Award for Diversity Company of the Year, given to organizations that demonstrated proactive acceptance and respect for human differences. You can find out more about Ubisoft’s DEI practices here.

This marks the third consecutive year they have been recognized at the Asia CEO Awards. In 2022, they earned the Circle of Excellence Awardee as Top Employer of the Year, followed by Diversity Company of the Year in 2023.

Find out more by visiting philippines.ubisoft.com.

 

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Concentrix Philippines is 2024 Asia CEO Company of the Year Grand Winner, Circle of Excellence in 3 More Categories

Concentrix PH VP for Client Success Tonichi Parekh (6th from left) onstage to receive the Grand Winner Company of the Year award for Concentrix, together with the rest of the Circle of Excellence in the category.

Global technology and services leader Concentrix bagged the Grand Winner title as Company of the Year at the 2024 Asia CEO Awards this October. The Fortune 500® company that powers the world’s best brands was also in the Circle of Excellence for 3 other categories: Top Employer of the Year, Most Innovative Company of the Year and Technology Company of the Year.

Leaders from Concentrix PH Execom at the 2024 Asia CEO Awards pose with the trophies for being the Grand Winner as Company of the Year, and in the Circle of Excellence for Top Employer of the Year, Most Innovative Company of the Year and Technology Company of the Year. From left are VP for Delivery Shared Services Larah Sta. Maria, Director for Sales Anne dela Vega, VP for Client Success Tonichi Parekh, VP for People Solutions Hazel Banas, and VP for Finance Aldrin Dulig.

Receiving the Company of the Year Grand Winner award on behalf of Concentrix Philippines, VP for Client Success Tonichi Parekh said, “We are not only the nation’s largest private employer — Concentrix also leads with clear visibility and unparalleled velocity in providing high value for our game-changers and clients. For the company to be hailed among the best in various categories consistently over the last 15 years, is a distinct privilege. We continue to strive to be a role-model organization and deliver excellence for the Philippines.”

Concentrix PH VP for Delivery Shared Services Larah Sta. Maria (right) receives the award for Circle of Excellence — Most Innovative Company of the Year, for Concentrix’s AI-driven innovations that enabled business growth and improvements.

Asia CEO Awards is the largest event of its kind in the region. For 15 years, it has been recognizing local and international organizations and leaders at the forefront of shaping the Philippine economic landscape and contributing to nation-building. As Company of the Year, besting eight others in the Circle of Excellence, Concentrix Philippines was recognized for achieving the highest success in the development of the country’s economy and society in the past and current year, as well as its leadership team’s exceptional contributions resulting to the maximization of stakeholder values, including financial success, governance, social commitment, pioneering achievements, and various recognition received.

Concentrix PH Director for Sales Anne dela Vega (right) receives the award for Circle of Excellence — Technology Company of the Year, for Concentrix as a tech leader powering the world’s best brands, utilizing digital transformation, automation, AI and innovation in providing excellent solutions and services for clients and employees.

According to Concentrix Philippines EVP and Chief Business Officer Amit Jagga, “Being given the highest recognition for our company’s contributions to the overall success and competitiveness of the Philippines across all industries, is a testament to our sustained commitment to lead not just in terms of careers but also in creating opportunities for the communities where we operate. Being in the Circle of Excellence for Top Employer, Most Innovative Company, and Technology Company of the Year also validates Concentrix’s continued investments in AI-driven innovations that deliver tech-led, intelligent experiences that help our clients and enable our game-changers to thrive.”

Concentrix PH VP for People Solutions Hazel Banas (right) receives the award for Circle of Excellence — Top Employer of the Year, for Concentrix’s leadership in providing employment, building careers, driving business growth and impact to communities.

Concentrix operates in over 50 sites and 20 cities in the Philippines, employing over 100,000 Filipinos as the country’s largest private employer. This year, Concentrix was also one of only five companies declared as “Inspiring Workplaces in Asia” and achieved #1 ranking in the global list of the same.

 

 

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BPI posts record net income on robust revenues

BANK of the Philippine Islands (BPI) saw its net profit grow by 29.4% to P17.4 billion in the third quarter as its revenues increased, it said on Thursday,

Its third-quarter net income was its highest quarterly profit to date, BPI said in a disclosure to the stock exchange.

This brought its nine-month net earnings to a record-high P48 billion, 24.3% higher year on year, “driven by robust revenue growth and sustained positive operating leverage,” it said.

This translated to a return on equity of 15.9% and a return on assets of 2.1%.

BPI’s financial statement was unavailable as of press time.

The bank’s revenues grew by 26.3% to P44.6 billion in the third quarter.

For the first nine months, its top line increased by 24.7% year on year to P125.8 billion.

Revenue growth in the period was driven mainly by the 22.2% increase in its net interest income to P93.8 billion, BPI said, as average loans expanded by 18.9% and its net interest margin widened by 22 basis points (bps) to 4.29%.

“Non-interest income rose 32.4% to P31.9 billion from securities trading gains of P3 billion while fee income also increased 28% year on year to P26.4 billion, attributable to higher service charges, credit card fees, and bancassurance income,” it added.

Meanwhile, the bank’s operating expenses grew by 22.1% to P59.4 billion in the nine months ended September due to higher manpower, transaction processing, and technology costs.

This resulted in a cost-to-income ratio of 47.2%.

BPI’s provisions also surged by 60% year on year to P4.8 billion in the period.

The bank’s gross loans expanded by 18.9% to P2.1 trillion at end-September as it saw growth across all segments. Personal loans rose by 103.3%, business banking went up by 99.3%, and microfinance loans grew by 65.2%, it said.

“On a sequential quarter-on-quarter basis, the NPL (nonperforming loan) ratio increased only 10 bps to 2.3%, with sufficient NPL coverage at 111.17%,” BPI added.

On the funding side, total deposits with the bank went up by 14.5% to P2.5 trillion in the period, with the current account, savings account or CASA ratio at 63%.

Its loan-to-deposit ratio was at 85.9%.

BPI’s total assets stood at P3.2 trillion as of September, expanding by 17.2% year on year.

Total equity was at P433.3 billion. The bank’s indicative common equity Tier 1 ratio was at 14.8% and its capital adequacy ratio was at 15.5%, both above regulatory requirements.

“Earnings per share for the first nine months stood at P9.10, up 16.5% from last year’s P7.81, notwithstanding the additional shares issued for the BPI and RBC (Robinsons Bank Corp.) merger,” it said.

The merger between BPI and RBC took effect on Jan. 1, with BPI as the surviving entity. BPI expects to fully integrate RBC’s systems into its own in about two years.

BPI’s shares gained P1.90 or 1.35% to end at P142.50 apiece on Thursday. — Aaron Michael C. Sy

Philex Mining seeks permit for nickel exploration in Pangasinan

A VIEW of nickel ore stockpiles at a mine in Sta. Cruz, Zambales, Feb. 7, 2017. — REUTERS

PHILEX Mining Corp. is awaiting a permit to explore a potential nickel mining site in Pangasinan as part of its strategic goal to diversify its mineral extraction portfolio, the mining company’s president said.

“We have in Pangasinan. Hindi ko pa alam saan doon (I don’t know exactly where it is yet). We have an application there that [has been] sleeping for so long,” Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr. told reporters on the sidelines of a forum on Thursday when asked if the company was looking at other potential sites for nickel.

“We are still  awaiting the exploration permit,” he added.

Last year, Philex Mining announced plans to expand its mining operations to include nickel ore extraction, aiming to meet the rising demand for the mineral driven by the global shift towards renewable energy.

The company previously announced that it was conducting exploratory studies at another potential nickel site in Zambales.

“Technical evaluation is still ongoing… We would like to complete the evaluation next year,” Mr. Austin said.

Nickel is a crucial mineral for the production of electric vehicle batteries and stainless steel. The Philippines is the world’s second-largest producer of nickel ore, following Indonesia.

Mr. Austin also said the company remains on track to commence commercial operations at its Silangan gold and copper mine by early 2025.

However, he noted that delays in the delivery of mining equipment have caused some setbacks.

“Most of our equipment is coming from Europe, Canada, and Australia. Manufacturing lead time is the one holding us back… It’s always on top of our mind to expedite the project as much as possible,” he said.

Philex Mining primarily engages in the large-scale exploration, development, and utilization of mineral resources. The company operates the Padcal gold and copper mine in Tuba, Benguet Province, and the Silangan Project in Surigao del Norte.

For the second quarter, its attributable net income declined to P214.72 million, 31.7% lower than the P314.56 million recorded in the same period last year, primarily due to lower production levels.

Revenues fell 9.3% to P2.24 billion from P2.05 billion in the same period last year.

Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

On Thursday, shares in Philex Mining went up by 2.89% or nine centavos to close at P3.20 apiece. — Adrian H. Halili

PNB raises $300 million via bond offer

BW FILE PHOTO

PHILIPPINE NATIONAL BANK (PNB) has raised $300 million from its maiden issuance of dollar-denominated sustainability bonds, marking its return to the offshore debt market after five years.

The bank’s benchmark-sized Sustainability Regulation S offering of five-year senior notes was met with strong demand, with the final order book reaching $1.1 billion or almost four times the initial offer, it said in a disclosure to the stock exchange on Thursday.

The five-year bond was priced at a fixed coupon rate of 4.85% or 102 basis points higher than the benchmark Treasury yield.

The bonds were issued out of PNB’s $2-billion euro medium-term note program.

“We are grateful for the support shown by global investors in our return to the international bond market after a five-year hiatus. The result of this note offering is a clear indication of investors’ trust and confidence in PNB. This offering will fund the bank’s sustainable financing initiatives as we continue to solidify our position among the forerunners of nationwide development across the Philippine banking system,” PNB President and Chief Executive Officer Florido P. Casuela said.

“We believe this is an ideal time to return to the market, given the reduction in interest rates complemented by the bank’s improved core banking activities. We have already enhanced our banking operations and processes to support continuous growth as we expect our business to further strengthen in the future,” PNB Chief Financial Officer Francis B. Albalate said.

The bank conducted a two-day road show earlier this week to market the issue to investors.

Majority or 89% of the issue’s investors were from the Asia-Pacific region, while 11% were from Europe, the Middle East, and Africa, PNB said.

By investor type, 67% were asset managers and hedge funds, 23% were banks, and the remaining 10% were private banks, broker dealers and others, it added.

ING Bank and JPMorgan were tapped as the joint lead managers and bookrunners for the transaction, while PNB Capital and Investment Corp. was the sole global coordinator. ING also acted as sole sustainability coordinator for the issuance.

Moody’s Investors Service assigned an investment grade rating of “Baa3” to the bonds.

PNB last tapped the offshore debt market in 2019, raising a record $750 million via fixed-rate senior notes, more than double the $300-million target, as the order book reached $3.25 billion. These bonds were priced at 99.473% for a yield of 3.391% and a coupon rate of 3.28%.

The listed bank’s attributable net income inched down by 0.07% to P4.95 billion in the second quarter due to higher provisions.

This brought its net profit for the first semester to P10.22 billion, up by 4.72% year on year.

PNB shares went up by five centavos or 0.18% to close at P27.30 each on Thursday. — A.M.C. Sy

FNI eyes partnership for nickel processing plant

GFNI.COM.PH

NICKEL ORE producer Global Ferronickel Holdings, Inc. (FNI) is in talks with two foreign companies to establish a nickel processing facility, its president said.

FNI is negotiating with “two” companies, “Asian and European,” FNI President Dante R. Bravo told reporters on the sidelines of a mining forum on Thursday.

FNI operates nickel mining sites in Cagdianao, Surigao del Norte, and Brooke’s Point, Palawan. Nickel, a crucial metal, is essential for producing batteries for electric vehicles and manufacturing stainless steel.

“Right now, (the Philippines) has two processing plants, one in Palawan, one in Surigao. The question is adding more,” Mr. Bravo said.

Nickel Asia Corp. operates both processing plants currently active in the Philippines.

Earlier, FNI announced that it would explore mineral processing to enhance the value of its nickel products by tailoring them to meet the specific needs of various industries.

Chamber of Mines of the Philippines Chairman Michael T. Toledo said that the government must first tackle key challenges before advancing to value-added mineral processing.

The Department of Environment and Natural Resources has said that it is seeking to incentivize mining companies that process critical minerals essential for achieving the Philippines’ renewable energy goals.

“Only if these recommendations are taken and put into action can we be able to produce enough minerals to feed the mineral processing facilities we aspire to build,” Mr. Toledo said at the same forum.

He added that this would enable the country to be a “significant player in the global energy transition movement.”

Key challenges include streamlining the approval process for exploration permits and mineral agreement applications, resolving tax uncertainties, and ensuring adequate benefits to attract further mining investments.

Mr. Toledo also said that the government should clarify the roles of national and local government units and provide clear guidelines for managing indigenous communities.

For the second quarter, FNI reported that its net attributable income inched up by 0.41% to P196.45 million from P195.65 million in the same period last year.

The company’s revenues rose by 25.1% to P2.49 billion for the April-to-June period from P1.99 billion in the same period last year.

FNI shares edged up by 0.68% or one centavos to close at P1.47 apiece on Thursday. — Adrian H. Halili

AUB net income surges 41% in first nine months

BW FILE PHOTO

ASIA United Bank Corp. (AUB) and its subsidiaries booked a record net income of P8.6 billion in the first nine months on the back of higher revenues and lower loan loss provisions, it said on Thursday.

This was 41% higher than the group’s net profit in the same period last year and also surpassed the its 2023 net earnings of P8.3 billion, AUB said in a disclosure to the stock exchange.

The bank’s nine-month performance translated to a return on equity of 22.4% and return on assets of 3.4%, both higher than the previous year’s 19.4% and 2.5%, respectively.

Its financial statement was unavailable as of press time.

“We expect our performance to remain robust, especially as we start reaping the full benefits of the government’s National ID system, with AUB being the first Philippine bank to integrate the Philippine Statistics Authority’s eVerify. This will hasten our account opening process and Know Your Customer compliance, reduce paperwork, improve loan application and approval processes, and enhance security for financial transactions,” AUB President Manuel A. Gomez said.

AUB’s net interest income grew by 11% to P12.5 billion in the nine months ended September on the back of higher interest earnings from its loans and investment activities amid the elevated rate environment.

Its net interest margin rose to 5.3% from 4.9% last year.

“Non-interest income grew from improved foreign exchange gain, recovery income, and service charges and other fees from other operating activities such as credit cards, AUB PayMate, remittance, trust, and other branch-related transactions,” it said.

“Through its digital partnerships, AUB has been enabling merchants to accept digital payments from their customers using its all-in-one digital payment acceptance product AUB PayMate and revolutionizing cross-border digital payments through its HelloMoney e-wallet, among others.”

Meanwhile, the bank’s operating expenses increased by 6% year on year to P5 billion in the first nine months due to higher compensation and capital expenditures “as it focused on new business growth opportunities.”

“Credit and impairment losses plunged by 93% from P1.1 billion a year ago, as credit quality improved,” AUB said.

The bank’s nonperforming loan (NPL) ratio was at 0.53% in the period, down from 0.7% a year ago. NPL cover was at 120.7%, up from 107%.

AUB’s loan portfolio grew by 6% to P198.9 billion from P188.2 billion a year prior.

On the other hand, deposits stood at P282 billion, with 70% made up of low-cost current account, savings account or CASA deposits, up from the 66% share last year.

This resulted in a loan-to-deposit ratio of 70.5%.

AUB’s total assets went up by 2% year on year to P352 billion at end-September.

Total equity increased by 25% to P56.6 billion.

The bank’s common equity Tier 1 ratio was at 19.6%, while capital adequacy ratio was at 20.4%, both above regulatory requirements.

Shares in AUB rose by P1.30 or 2.17% to close at P61.30 apiece on Thursday. — A.M.C. Sy

DD expects P27.2-B boost from Hotel101’s first 3 overseas projects

HOTEL101GLOBAL.COM

LISTED DoubleDragon Corp. (DD) expects to generate P27.2 billion in foreign currency revenue from the first three overseas projects of its subsidiary Hotel 101 Global Pte. Ltd. (Hotel101).

“The first three Hotel101 overseas projects are expected to generate inflows of $471 million (P27.2 billion) in foreign currency revenues to DD,” the listed company said in a statement to the stock exchange on Thursday.

Hotel101’s first three overseas projects are in Niseko, Japan; Madrid, Spain; and Los Angeles, United States.

The 680-room Hotel101-Madrid will be finished by the end of 2025, while the 482-room Hotel101-Niseko in Hokkaido, Japan, will be completed by 2026.

In November last year, Hotel101 secured a 3,647-square-meter lot in the Westlake North District for the 622-room Hotel101-Los Angeles.

DD said this as the second batch of golden visas has already been issued to Hotel101-Madrid unit owners.

“This additional milestone is expected to further materially increase the unit sales revenue of Hotel101 Global from unit buyers in various parts of the world,” it said.

DD announced last month that the first batch of golden visas was issued to the unit buyers of its Madrid hotel project.

Officially known as the Spain investor visa, the golden visa is a residence permit granted to non-European citizens with a substantial investment in the country.

The applicants need to purchase three Hotel101-Madrid units each to comply with the investment requirements.

By 2050, Hotel101 aims to operate one million hotel rooms worldwide, with 50,000 of these located in the Philippines.

“This is expected to further cement the position of Hotel101 to become the largest hotel company in the Philippines and simultaneously become one of the top five hotel companies in the world,” DD said.

Hotel101 is set to list on NASDAQ in the United States within the fourth quarter. It will be listing through a merger with JVSPAC Acquisition Corp.

The combined entity will trade under the ticker symbol “HBNB,” making Hotel101 the first Philippine company to list in the US.

On Thursday, DD shares declined 1.15% or 12 centavos to P10.28 per share. — Revin Mikhael D. Ochave

Disney unveils its first Asian cruise liner

ARTIST CONCEPTS of the Disney Adventure, and the Disney Imagination Garden which is one of the seven themed areas on the ship.

SINGAPORE — The Disney Cruise Line announced on Wednesday the details of its first liner to have a home port in Asia, featuring onboard amenities meant to provide guests with “world-class entertainment” and “artful accommodation.”

The Disney Adventure, the Disney Cruise Line’s first cruise ship designed for the Asian market, will dock in Singapore. It will offer three- and four-night itineraries, with no stops in other ports.

“What makes the Disney Adventure so special is that the ship itself is the destination,” Sarah Fox, regional director for Southeast Asia at the Disney Cruise Line, said during the launch.

“Sailing on three- and four-night voyages with only magical days at sea, the Disney Adventure will be both the journey and the destination, filled with endless possibilities for fun,” she added.

The cruise ship will officially set sail on Dec. 15, 2025 while trip details, including pricing and sailing dates, are set for release on Nov. 14 this year. The Disney Cruise Line will open trip bookings on Dec. 10 this year.

“When the Disney Adventure sets sail in December 2025, guests throughout Southeast Asia will have the opportunity to experience the magic of their favorite Disney, Pixar, and Marvel movies, in their very own backyard,” Sharon Siskie, senior vice-president and general manager of Disney Cruise Line, said in a statement.

The ship will sail from the Marina Bay Cruise Center for at least five years, in partnership with the Singapore Tourism Board.

It is expected to carry about 6,000 guests onboard, Ms. Fox said in a media briefing after the launch.

The Disney Adventure will be Disney Cruise Line’s biggest ship once deployed, 50% larger than the current largest vessel in its fleet.

The cruise ship will feature a lot of “firsts” for the Disney Cruise Line’s fleet, the company said in a statement, referring to amenities inspired by Disney movies such as Big Hero Six, Toy Story, Moana, Little Mermaid, and the Marvel Cinematic Universe (MCU).

“Every space and venue is an opportunity for stories to come to life,” the company said.

The ship will feature an 820-feet (ft.)-long “high-speed circuit” rollercoaster inspired by the MCU’s Iron Man. Guests will be suspended up to 30 ft. in the air, zooming above the ship’s upper decks.

The theater onboard will also exclusively show a “heartwarming tale” of Pixar’s Wall-E, which the cruise line company described as a “musical spectacular.”

Also on the ship is a state-of-the-art immersive garden, equipped with three-deck-high display screens in an open-air style amphitheater.

The ship will also have a nursery, providing babysitting services for guests aged six months to three years of age, while also offering age-exclusive areas for pre-teens, teenagers, and adults.

“The Disney Adventure will offer family-friendly conveniences and amenities for guests of all ages to feel comfortable and cared for in their onboard home away from home,” the cruise line company said.

Guest rooms on the ship range from ocean view staterooms to “inside option” rooms with a maximum of four single beds for friend groups seeking to embark on the Disney cruise.

“Regardless of how you want to travel, or who you want to travel with, you’re going to find that perfect choice that fits your needs,” Lisa Picket, hotel director of Disney Cruise Line, said during the event. “In every stateroom, guests of all ages will find family-friendly amenities that ensure that everyone is comfortable and cared for in their onboard home away from home.” — Kenneth Christiane L. Basilio

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